Category Archives: Life Settlements

Jim Clark-Worth Finanical Group Broker-Discloses Settlement of Customer Suit For Mishandling Account-Dallas, TX

April 2018 -Dallas, Texas

According to publicly available records James  (Jim) Williard Clark ,  a  stockbroker who currently is employed by Worth Financial Group, disclose 4 prior regulatory issues, and  2 arbitration awards in favor of customers and a recently settled customer arbitration.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In 4/2018 a customer of Worth Financial Group alleged that Clark made an unsuitable investment recommendation to invest in income streams from veterans pensions. That case was settled for $180,000.

In 2013 a customer of Worth Financial was awarded $30,435 to resolve allegations that Clark caused  losses due to the account as a result of over concentration of the customer’s account in life settlement policies.

James W. Clark has been employed by Worth Financial Group since 2001.

Brokers have a duty to make recommendations that are suitable, taking into account the age, risk tolerance, health and level of financial sophistication of the customer.

If you have losses  in an account handled by James W. “Jim” Clark contact us for a no charge consultation to discuss your legal options.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

James D. Calder II-Former Raymond James Broker-Sanctioned Over Sale of Life Settlements-Borger, TX

May 2017-Borger, TX

The FINRA records of  James D. Calder II,  a  unregistered stockbroker who was last employed by  Raymond James Financial Services  disclose a final regulatory event and a customer dispute that has been settled.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In 2/2017, to resolve allegations by FINRA that he engaged in an undisclosed outside business activity by participating in the sale of life settlement contracts to customers of his firm after it had expressly denied his request to participate in such activity, Calder was suspended for six months and fined $15,000.

In FINRA arbitration 15-02822, a customer of Raymond James Financial Services alleged damages of $120,000 in connection with an investment purchased from Calder that was not authorized by Raymond James Financial Services. That case was settled for $75,000.

James D. Calder II was employed by Raymond James from 8/2002-3/2016.

If you have questions about an account  handled by James D. Calder II , contact us to discuss your options.

Viatical Settlement

A viatical settlement is a contract whereby a person diagnosed with a terminal illness sells their life insurance policy for less than its face value in order to obtain a portion of the proceeds while still alive. The buyer (investor) obtains the full value of the policy upon the death of the insured.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Richard M. Ohlhaber-Former Southwest Securities Broker-Discloses Pending Customer Disputes/Regulatory Actions-Grapevine, TX

June 2016-Grapevine, Texas

According to FINRA records,  Richard M. Ohlhaber   a stockbroker  who most recently was  employed by FSC Securities Corp., Inc. , discloses two pending customer disputes. He also discloses  3 prior final regulatory events , 8 prior final customer disputes and has been permanently barred from the securities industry .

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In currently pending FINRA Case 15-02113, a customer while Ohlhaber was employed by Southwest Securities (now known as Hilltop Securities) ,  alleges damages of $230,000 for losses incurred by following Ohlhaber’s recommendation to invest in Life Partners, Inc. , an unregistered security which was represented as a conservative, low risk investment.

In currently pending FINRA Case 13-03547, a customer while Ohlhaber was employed by Southwest Securities,  alleges damages of $450,000 for misrepresentation with respect to the tax consequences of the surrender of a variable annuity.

In 2014, FINRA permanently barred Ohlhaber from the securities industry in connection with his sale of life settlement contracts.

According to FINRA records Ohlhaber was registered with FSC Securities from 8/2012-11/2012. Prior to that he was registered with Southwest Securities from 5/2008-4/2012.

If you have questions about an account handled  by Richard Ohlhaber, call for a no charge consultation.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

James Poe of Ft. Worth Sanctioned for Sale of Life Settlements

March 21, 2016- Austin, Texas

The Texas State Securities Board (TSSB) entered an order revoking the registration of Fort Worth investment adviser James Poe as well as his company, James Poe & Associates,  for engaging in fraudulent practices and selling securities without being properly licensed.

According to the TSSB, from 2011-2015, Poe sold life settlement contracts promising investors a 75% return. Life settlements are complex investments in which the investor receives an interest in the death benefits of a third party.

Poe and his related company International Alternatives collected huge commissions on the sales of the life settlements but did not disclose fully to investors the amount of commissions they were earning.

Poe was reprimanded, his registration as an investment adviser was revoked and he was ordered to cease and desist from engaging in fraudulent business practices.

Dave Lieber of The DallasNews.com Watchdog Column reports that notwithstanding the TSSB sanctions,  James Poe is still running his hour long show “Found Money Radio” on KRLD (1080am) and WBAP (820AM). Lieber spoke to TSSB spokesperson Bob Elder, who made the following comment about Poe:

“First, he is not registered, so he can’t act as an investment adviser representative or steer people to a registered firm and receive compensation for it.

“Regardless of whether James Poe chooses to notify his listeners on his radio commercial that he has had his registration revoked, anyone considering hiring any investment adviser, dealer or agent should check to see if the person is registered with the Texas State Securities Board.”

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Rex Securities Law Investigates Dallas Based Novers Financial

June 1, 2015-Dallas/Ft. Worth, Texas

Rex Securities Law is investigating Novers Financial, Christopher A Novinger and Brady J. Speers, of Mansfield, Texas, in connection with the sale of life settlements.

The Securities and Exchange Commission recently filed an action naming Novers Financial and its principals, Christopher Novinger and Brady Speers alleging that the investments were guaranteed and offered safety similar to CDs. Novinger and Speers operated a financial radio show touting the investments to the public.

“We allege that Novinger and Speers described speculative investments as safe and secure and were willing to manipulate investors’ financial information to make a sale,” said David Peavler, Associate Director of the SEC’s Fort Worth Regional Office.  “No matter what a salesperson tells you, interests in life settlements are never guaranteed, risk-free, or federally insured.”

In addition to the charges against Novers Financial and the two principals, the SEC charged ICAN Investment Group LLC and Speers Financial Group LLC for acting as unregistered broker-dealers.  The SEC seeks injunctive relief, return of allegedly ill-gotten gains with interest, and financial penalties.

If you have information related to this investigation, we would appreciate hearing from you.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870